VANCOUVER, British Columbia – Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) announced on July 29, 2026, the approval of a significant expansion project for its Séguéla Gold Mine in Côte d’Ivoire. This strategic investment is designed to increase the mine’s processing capacity by 30%, integrate underground production, and enhance overall operational efficiency, solidifying Séguéla’s role as a cornerstone asset within Fortuna’s global portfolio.
The comprehensive expansion plan encompasses several key components, including an upgrade to the Séguéla processing facility, enhancements to supporting infrastructure, and the development of the Sunbird underground mine. These collective efforts are projected to elevate throughput, improve gold recoveries, and accelerate gold production from the mine’s expanding resource base.
Expansion Highlights and Financial Projections
The core of the expansion involves increasing the processing capacity from 1.75 million tonnes per annum (Mtpa) to an estimated 2.3 Mtpa. Alongside this, average gold recovery is expected to reach 94.5%. These improvements are anticipated to support an average annual gold production at Séguéla of more than 200,000 ounces over the next decade.
Financially, the project is structured to deliver attractive returns, with higher recoveries and accelerated gold production expected to significantly enhance cash flow generation. Fortuna projects a payback period of approximately 2.5 years for the expansion. The estimated construction capital for the project stands at $109 million, which the company plans to fund from operating cash flow, bolstered by its robust liquidity position of approximately $800 million as of the end of Q1 2026.
CEO’s Strategic Vision
Jorge A. Ganoza, President and CEO of Fortuna Mining Corp., underscored the strategic importance of the expansion. “Séguéla has consistently exceeded expectations since entering production in mid-2023 and continues to demonstrate strong growth potential,” Ganoza commented. He further elaborated that the expansion represents “the logical next step in unlocking additional value from the asset by increasing processing capacity, integrating underground production, and enhancing operating flexibility.”
Ganoza emphasized that the project aligns with Fortuna’s strategy of disciplined reinvestment in high-quality assets. He also highlighted its contribution to the company’s broader objective of increasing consolidated annual gold production toward 500,000 ounces by 2028, a target that also includes the feasibility-stage Diamba Sud project in Senegal.
Project Overview and Operational Enhancements
The Séguéla expansion is meticulously designed to create a higher long-term production profile. The integration of the Sunbird underground mine with targeted upgrades to the processing plant and supporting infrastructure is central to this objective. Supporting infrastructure enhancements include expanded camp facilities and improvements to the power and water supply systems. These investments are expected to foster enhanced operational flexibility, strengthen cash flow generation, and establish a scalable platform for future growth at Séguéla.
The processing plant expansion from 1.75 Mtpa to approximately 2.3 Mtpa will strategically leverage existing infrastructure while adding capacity in critical areas. This design approach is intended to optimize capital efficiency, reduce execution complexity, and minimize disruption to ongoing operations during the construction and tie-in phases, all while maintaining operational flexibility to support future production growth.
Key Elements of Processing Plant Expansion
- Comminution Upgrades: The existing crushing circuit will be retained, while the milling circuit will be converted from a single-stage SAG configuration to a SAG and ball mill circuit. This modification is designed to increase throughput while maintaining the target grind size.
- Gravity and Leaching Enhancements: The installation of a new gravity circuit, an intensive leach reactor, a pre-leach thickener, and a second carbon-in-leach train will significantly increase leaching capacity and support the projected average gold recoveries of approximately 94.5%.
- Supporting Infrastructure Upgrades: Enhancements will be made to reagent handling and storage, oxygen supply, process water, plant air, and tailings pumping systems. These upgrades are crucial for supporting the expanded processing rate and ensuring seamless operations.
Fortuna Mining Corp.’s decision to proceed with the Séguéla expansion underscores its commitment to maximizing value from its producing assets and advancing its strategic growth objectives. The project’s robust financial projections and operational enhancements position Séguéla to be a significant contributor to the company’s performance in the coming decade, reinforcing its standing in the global gold mining sector.
